SKC has cancelled its plan to enter the secondary battery cathode materials business and revised its mid- to long-term growth strategy first disclosed in September 2021. It cited a prolonged electric vehicle demand slowdown that has led to reduced investment and production across the battery industry and intensified competition. SKC said it adjusted its investment scale after reviewing long-term profitability. It will pursue an anode materials business through an equity investment in UK anode materials firm Nexeon.

South Korea’s government said it will take action using all available measures over social issues related to Coupang. It said a joint parliamentary hearing raised concerns including a hacking incident and more than 33 million personal data records leaked, overwork deaths among platform workers and alleged unfair practices toward sellers. Authorities said they will cooperate closely on investigations, examine possible violations of data protection and other laws, and make results transparent. Agencies also said they will pursue strict legal measures if violations are found.